Is there a tax on rental income in India?
In India, investment in real estate is regarded as one of the most profitable investments and the income from house property is a primary source of income for many households. However, there is a tax on rental income in India. To encourage the customers to continue investing in real estate, the government has allowed several deductions under the Income Tax Act 1961. Let us find out more about the tax on rental income. Is Income from house property taxable in India? Every owner who has leased his home is considered to be making rental income. And these landlords must pay a certain percentage of their earnings towards tax on rental income. According to the Income Tax Act of 1961, the rental income from house property is taxable under the head- Income from House and Property. However, if the property owner earns any income from renting out their vacant land, such income will be taxable under - Income from Other Sources. ...